can you please explain to me how the gross profit is taken in the problem 5 (photo on the left) ? I only need the explanation as the answer is shown already ( photo on the right side) Pаутoll150,000Problem 5Star Wars Corporation obtains the follow ing information from its records for themonth of August:Work in processFO Applied3.90.000Johs completed and soldJob 110P 15.000 P I0,00050,00030,0005,00090,000Job 330P 25,00050,00030,000Job 220Direct materials costDirect labor costFactory overheadUnits manufacturedGross profit or selling price 25%4.Finished goods290,00050,00030,0004,000Work in process290,00010,000P 80,00020%5.Accounts receivable427,917Sales427,917Required:I. Prepare in summary form, the journal entries that would have been madeduring the month to record the above.2. Prepare the schedules showing the gross profit or loss for August.290,000Cost of goods soldFinished goods290,000Job 110126,66715,000Job 220170,00010,00050,000Job 330131.25025,000a. For the business as a whole.Total427,91750,000Selling priceDirect materialsDirect laborFactory OHTotal costGross profitb. For each job completed and sold.50.00050,000Problem 6The following account balances were taken from the general ledger accounts of theEllery Corporation.30.00095.00031.66730.00090,00080.00030.000105.00026,250150,00090,000290,000137,917January IDecember 31

Job order costing can be define as the costing method which mostly applicable for those organization…

Pауroll 150,000 Problem 5 Star Wars Corporation obtains the following information from its rocords for the month of August: Work in process FO Applied 3. 90.000 Jobs completed and sold Job 220 P 10,000 50,000 30,000 4,000 P 80,000 90.000 Job 110 P 15.000 50,000 30,000 5,000 Gross profit or selling price 25% Direct materials cost Direct labor cost Factory overhead Units manufactured Job 330 P 25,000 50,000 30,000 10,000 20% Finished goods Work in process 4. 290,000 290,000 5. Accounts receivable Sales 427,917 427,917 Required: I. Prepare in summary form, the journal entries that would have been made during the month to record the above. 2. Prepare the schedules showing the gross profit or loss for August. Cost of goods sold Finished goods 290,000 290,000 Job 110 126,667 15,000 50.000 Job 220 170,000 10,000 50,000 30,000 Job 330 131.250 25,000 50.000 30.000 a. For the business as a whole. Total 427.917 50,000 150.000 90,000 290,000 137,917 Selling price Direct materials Direct labor b. For each job completed and sold. Problem 6 The following account balances were taken from the general ledger accounts of the Ellery Corporation. Factory OH Total cost Gross profit 30.000 95,000 31.667 90.000 80.000 105,000 26.250

Pауroll 150,000 Problem 5 Star Wars Corporation obtains the following information from its rocords for the month of August: Work in process FO Applied 3. 90.000 Jobs completed and sold Job 220 P 10,000 50,000 30,000 4,000 P 80,000 90.000 Job 110 P 15.000 50,000 30,000 5,000 Gross profit or selling price 25% Direct materials cost Direct labor cost Factory overhead Units manufactured Job 330 P 25,000 50,000 30,000 10,000 20% Finished goods Work in process 4. 290,000 290,000 5. Accounts receivable Sales 427,917 427,917 Required: I. Prepare in summary form, the journal entries that would have been made during the month to record the above. 2. Prepare the schedules showing the gross profit or loss for August. Cost of goods sold Finished goods 290,000 290,000 Job 110 126,667 15,000 50.000 Job 220 170,000 10,000 50,000 30,000 Job 330 131.250 25,000 50.000 30.000 a. For the business as a whole. Total 427.917 50,000 150.000 90,000 290,000 137,917 Selling price Direct materials Direct labor b. For each job completed and sold. Problem 6 The following account balances were taken from the general ledger accounts of the Ellery Corporation. Factory OH Total cost Gross profit 30.000 95,000 31.667 90.000 80.000 105,000 26.250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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